Asian equities slump as AI-led rally stalls and dollar spikes

 Asian stock markets suffered their steepest drop in seven months, led by a 4.7% fall in Japan’s Nikkei 225 to 49,082 and a 3.3% slide in the Topix index. The sell-off followed a pause in the AI-technology rally and a surge in the U.S. dollar, which hit a four-month high against the euro. Investors moved toward safe-haven currencies and bonds as elevated valuations in tech weighed. Analysts said markets may consolidate before a fresh up-leg, as macro data and central-bank commentary loom large.